As Gold Smashes Records, Forecasters Ask Whether Peak Is Near
Gold has just smashed a record, and every major bank agrees that it’ll cross $2,000 an ounce. What happens next is where forecasts diverge.
JPMorgan Chase (NYSE:JPM) & Co. says the rally that has already seen prices rise 28% in 2020 could start to lose steam later this year. Citigroup Inc (NYSE:C). and Bank of America Corp (NYSE:BAC) aren’t ready to call it quits just yet, with the former expecting higher prices for longer and the latter seeing the metal soaring to as high as $3,000 an ounce.
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Crude Oil Prices Fall on Demand Worries Ahead of API Release
Crude oil prices drifted lower in early trade in New York on Tuesday, ahead of a key update on the state of the U.S. oil market from the American Petroleum Institute.
By 9 AM ET (1300 GMT), U.S. crude futures were down 1.0% at $41.17 a barrel, while the international benchmark Brent was down 0.4% at $43.72 a barrel.
Gasoline RBOB Futures were down 0.3% at $1.2410 a gallon.
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Dollar Edges Higher Ahead of Fed Meeting
The dollar edged higher in early European trade Tuesday, bouncing off a two-year low, ahead of a Federal Reserve meeting and amid hopes for prompt delivery of the next U.S. fiscal rescue package.
At 3:10 AM ET (0710 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.2% at 93.810, recovering from the 93.448 low last seen in May 2018. USD/JPY was up 0.2% at 105.58, GBP/USD was down 0.1% at 1.2868.
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Gold Up at Near Nine-Year Record High Over Continued Market Uncertainty
Gold climbed close to a nine-year high on Thursday morning in Asia, with a sluggish economic recovery and rising political tensions between the U.S. and China driving investors to the safe-haven asset.
Gold futures were up by 0.15% to $1,867.85, by 12:11 AM ET (5: 11 AM GMT), not far below its record high of $1,920.70 in 2011. Stocks, which usually move in the opposite direction to gold, were down on Thursday.
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Crude Oil Prices Fall on Weak Jobs Data, Airline Outlooks
Crude oil prices reversed overnight gains in early trade in New York on Thursday on fresh signs that the economic recovery is stalling under pressure from the spread of the coronavirus.
Labor Department numbers showed that initial jobless claims rose for the first time since April to 1.416 million, suggesting that the pace of layoffs is picking up again after slowing gradually over the previous three months.
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Dollar Weakens as German Confidence Boosts Risk Appetite
The dollar weakened in early European trade Thursday, with signs of a recovery in Europe boosting sentiment despite heightened tensions between the U.S. and China.
At 3:10 AM ET (0710 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 94.808, just off the four-month low of 94.773 seen earlier.
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Gold Will Hit Record Highs With Time, Says Citigroup

Various bullish factors that are coming up in the gold market are expected to propel prices higher. Citigroup Inc believes that the next surge will push prices higher than the record set in 2011.
The metal is benefiting from low real yields, loose monetary policy, increased asset allocations, and high inflows into exchange-traded funds (ETFs). That is the opinion of the bank’s analysts including Ed Morse. Gold is now expected to surge to an all-time high in the coming six to nine months and there is a likelihood that it will surpass $2,000 per ounce in the next three to five months.
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Crude Oil Drifts Lower Ahead of Talks on U.S. Stimulus Package

Crude oil prices drifted lower in early trade in New York on Monday, in a holding pattern ahead of what promises to be a pivotal week for the outlook for U.S. fuel demand.

By 10:20 AM ET (1420 GMT), the benchmark U.S. crude marker was down 1.0% at $40.34 a barrel, while its international counterpart Brent was down 1.0% at $43.72.

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Euro Climbs on EU Recovery Fund Optimism

The euro rose on Monday, posting a four-month high against the U.S. dollar, as traders reacted with optimism to the noises coming from the EU summit regarding a potential agreement for a massive recovery fund for the region.

At 3:05 AM ET (0705 GMT), EUR/USD gained 0.2% to 1.1443, having earlier posted a four-month high of 1.1467, while EUR/GBP climbed 0.3% to 0.9118.

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